不同類型減資減資事件之實證研究

Empirical Study of Different Capital-Reducing Event

吳桂銀(Kuei-Yin Wu)

指導教授 ： 林江亮

中原大學/商學院/會計研究所/碩士(2005年)

https://doi.org/10.6840/cycu200500257

摘要

本研究為不同類型減資事件之實證研究，以1996-2004年宣告減資公司為樣本，針對公司法減資及庫藏股減資，運用事件研究法，檢視兩種不同減資行為在首次宣告、完成減資後之股價反應，以及多個事件日下股價反應是否有遞減狀況，而不同類型減資行為之股價反應是否具顯著差異性，最後運用迴歸模式，分析首次宣告時股價反應之影響因素。
實證結果發現，在首次宣告時，市場解讀公司法減資訊息為負面消息，股價反應顯著為負的，而庫藏股減資為好消息，宣告後股價反應明顯止跌回升；在完成減資日，公司法減資有顯著正向的股價反應，進一步將樣本分組後，發現減資前股價表現較佳（差）的公司，在完成減資後有較差（佳）之股價反應，而庫藏股減資在減資後則無顯著的股價反應，分組樣本之股價反應亦無顯著差異；在多個事件日下，公司法減資之股價反應呈現遞減情形，庫藏股減資之股價反應則未依事件日遞減。因此，研究結果顯示不同類型減資事件之股價反應，確實有顯著差異。
最後，迴歸分析影響首次宣告股價反應之結果發現，影響公司法減資的因素為減資原因及減資比率，當公司法減資目的為彌補虧損時，股價反應為負向的，而減資比率與股價反應呈正相關；影響庫藏股減資的因素則為預定買回比率及公司規模，預定買回比率愈高，股價反應愈高，而公司規模愈大，股價反應愈差。

關鍵字

減資、庫藏股註銷、股價反應

並列摘要

This is an empirical study of the different capital-reducing event. The samples are made up of the companies which had declared for capital reducing in 1996 to 2004. This research examines two types of the capital-reducing behaviors, following the legal process by the Corporate Law and the treasury stock process by the Securities Exchange Law, to find the stock price reactions on the first announcement and the final announcement after really reducing capital by event study, if the stock price reaction was declining under multiple event days and if different capital-reducing behavior had different information content? Finally, we use the regression model to examine factors influenced the stock price reaction on the first announcement.
The empirical results show that the stock price reaction of the capital reduction by the Corporate Law was significant negative but the reaction of the capital reduction by the treasury stock method was significant positive on the first announcement. The reaction on the final announcement was significant positive in samples using the Corporate Law method, and after further dividing samples into groups, we found the reactions of the companies which had better ones before really capital reducing were worse and vice versa. But the reaction of the samples using treasury stock method was not significant even after dividing samples into groups. Under multiple event days, the reactions of samples using the Corporate Law were declining, but that of samples using the treasury stock method were not. Therefore the stock price reaction was really significant different in the different type of capital reduction.
Finally we find that the reason and the ratio of capital reduction influenced the stock price reaction in samples using the Corporate Law. The stock price reaction was negative when the reason was an offset to cumulative loss. The greater of the ratio, the stock price reaction was bigger. And the ratio of treasury stock and company size influenced the stock price reaction in samples using the treasury stock method. The greater of the ratio, the stock price reaction was bigger, but the greater of company size, the stock price reaction was smaller.

並列關鍵字

Stock Price Reaction ； Capital Reduction ； Write-off of Treasury Stock

參考文獻

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